Docusign Envelope ID: EF25593F-D1D6-4BC4-9FE1-41B00F4E6D54 ## **INTERNATIONAL STUDENT MISSION HOUSING TRUST** ________________________________________________ Registered Charity Number: 1172542 TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 MARCH 2024 Docusign Envelope ID: EF25593F-D1D6-4BC4-9FE1-41B00F4E6D54 ## INTERNATIONAL STUDENT MISSION HOUSING TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 MARCH 2024 _________________________________________ |Contents
Legal and administrative information
Report of the Trustees
Statement of financial activities
Balance sheet
Notes to the financial statements
Independent examiner's report|Page| |---|---| ||1
2-3
4
5
6-9
10| Docusign Envelope ID: EF25593F-D1D6-4BC4-9FE1-41B00F4E6D54 Page 1. INTERNATIONAL STUDENT MISSION HOUSING TRUST Registered office: The Rowan Centre, All Nations Christian College, Easneye, Ware, Herts SG12 8LX ## Administrative details of the charity, the trustees and advisors The Trustees present their report together with the accounts of the charity for the period ended 31 March 2024. The following trustees served from 1 April 2023 and up to the date of the approval of the accounts:- Alan Tower (Chair) Richard Barrett Robert Felix Elisabeth Jones Ian Sanderson Registered Charity Number 1172542 Principal address The Rowan Centre All Nations Christian College Easneye Ware Herts SG12 8LX Bankers Lloyds Bank plc CSU Charlton Place Charlton Road Andover Hants SP10 1RE Independent examiner Griffin Stone Moscrop & Co. 21-27 Lamb's Conduit Street London WC1N 3GS Solicitors Ellis-Fermor & Negus 2 Devonshire Avenue Beeston Nottingham NG9 1BS Docusign Envelope ID: EF25593F-D1D6-4BC4-9FE1-41B00F4E6D54 Page 2. ## **INTERNATIONAL STUDENT MISSION HOUSING TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** ## **Objectives** The objects are to address the problem of Christian mission workers who need to be located for their work in central city areas with expensive property beyond their reach to buy or rent on typical thirdsector charity worker salaries. The Charity’s objects as stated in the constitution as agreed with the Charity Commission and adopted on the 17 March 2017 are: ‘To advance the Christian religion through the provision of affordable housing to an evangelist for the purpose of holding prayer meetings and distributing literature in that locality to enlighten others about the Christian religion, with a particular focus on international students.’ ‘The relief of financial hardship among evangelists or other Christian workers living or working in an area which has a university but in which they could not otherwise afford to reside through lack of means ’through the provision of affordable housing.’ ‘To promote social inclusion for the public benefit in areas which have a university by preventing international university students from becoming socially excluded, relieving the needs of those students who are socially excluded and assisting them to integrate into society. For the purpose of this clause ‘socially excluded’ means being excluded from society, or part of society, on the grounds of race and/or ethnic origin and/or language.’ ## **Activities** The primary activities of the Charity are: 1. Provide housing for Friends International mission workers in Cambridge, Bournemouth and Canterbury at an affordable rent and in appropriate locations to execute their work in a most effective manner. 2. Enable friendship mission outreach work towards international students, visiting scholars, language students, tourists and permanent immigrants to be carried out in all three centres through the provision of housing. 3. Enhance the integration of international students into UK society, providing social inclusion for the public benefit through suitably housed mission workers In carrying out the activities of the Charity each year the Trustees have regard to the Charity Commission published guidance on public benefit under the Charities Act 2011. The Trustees ensure that the activities undertaken are in line with the charitable objects and aims. The charity is a Public Benefit Entity. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The Trustees who served the charity in this period were: Robert Felix Ian Sanderson Alan Tower Richard Barrett Elisabeth Jones Future trustees will be appointed after search, interview and invitation by the Trustees, having due regard to the skills, knowledge and experience needed for the effective administration of the charity as laid down in Clause 10 of the charity constitution. Docusign Envelope ID: EF25593F-D1D6-4BC4-9FE1-41B00F4E6D54 Page 3. ## **INTERNATIONAL STUDENT MISSION HOUSING TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** ## **ACHIEVEMENTS AND PERFORMANCE** The main achievements of the charity during the period have been to: - Arrange the sale of the Canterbury property interest to the Canterbury Friends International Staff worker. - Worked on the sale of the Bournemouth property to the Friends International Bournemouth staff worker. - Started work on a purchase of a second property in Cambridge for a different Cambridge Friends International staff worker. There have been significant positive indicators that the activity of the charity could in the future extend to further cities around the UK: - The continued identification of needs. - Successful attraction and gathering of financial supporters. - Successful operation of the first three properties owned by the charity. - Approaches from other organisations looking to us as a potential partner and enabler. ## **FINANCIAL REVIEW** ## **Annual Financial statements** The income of the charity was £19,697 made up principally from investment income of £4,366 and rental income of £15,331. With expenses of £12,320 and £7,686 profit on disposal of a property, there is an overall surplus of £15,063. ## **Reserves** The charity has a reserves policy to keep a reserve of £5,000. This amount is calculated to be that required to wind up the charity over a six-month period and to meet any liabilities on closure. Free cash reserves currently stand at £137,286. The total funds at the balance sheet date are split between unrestricted funds totalling £335,736 and restricted funds of £107,001, with further information provided in note 13 to the financial statements. ## **Donations and Loans** International Student Mission Housing Trust received donations from individuals and churches. International Student Mission Housing Trust received loans as unsecured loans from individuals and trusts. ## **Staff, Volunteers and Support Costs** The charity has no employees. General volunteers carried out all the activities and functions of the charity. Volunteer expenses amounted to zero. Judy Luhombo served the charity as Administrator on a voluntary basis seconded from Friends International Ministries. ## **FUTURE PLANS** The charity plans to continue with the same activities as at present and continue to extend its property portfolio as needs, opportunities and funds allow. ## **Website** Further information about International Student Mission Housing Trust can be found at our website www.ismhousingtrust.org.uk This annual report and financial statements were approved by the trustees and signed on their behalf by: ALAN TOWER – CHAIR OF TRUSTEES Date:19 November 2024 Docusign Envelope ID: EF25593F-D1D6-4BC4-9FE1-41B00F4E6D54 Page 4. ## INTERNATIONAL STUDENT MISSION HOUSING TRUST ## STATEMENT OF FINANCIAL ACTIVITIES ## FOR THE YEAR ENDING 31 MARCH 2024 |**Note**
**Income from:**
Donations and legacies
2
Rents receivable
Investment income
**Total income**
**Expenditure on:**
Charitable activities
4
**Total expenditure**
**Net income before gains and losses**
**Net gain on part-disposal of property**
**Net income**
Transfers between funds
Net movement in funds
Total funds brought forward at 1 April 2023
Total funds carried forward at 31 March 2024|**Unrestricted**
**Funds**
-
15,331
4,366|**Restricted**
**Funds**
-
-
-|**Total**
**2024**
-
15,331
4,366|**Total**
**2023**
2,500
16,805
875| |---|---|---|---|---| ||19,697|-|19,697|20,180| ||12,320|-|12,320|7,084| ||12,320|-|12,320|7,084| ||7,377|-|7,377|13,096| ||7,377
17,765
25,142|7,686
7,686
(17,765)
(10,079)|7,686
15,063
-
15,063|-
13,096
-
13,096| ||310,594|117,080|427,674|414,578| ||335,736
£|107,001
£|442,737
£|427,674| All of the above results are derived from continuing activities. The statement of financial activities includes all gains and losses recognised in the above periods. The attached notes form part of these financial statements. Docusign Envelope ID: EF25593F-D1D6-4BC4-9FE1-41B00F4E6D54 Page 5. ## INTERNATIONAL STUDENT MISSION HOUSING TRUST ## BALANCE SHEET |**Note**
**Fixed assets**
Tangible fixed assets
7
**Current assets**
Cash at bank and in hand
8
Debtors
9
Creditors: amounts falling due
within one year
10
**Net current assets**
Creditors: amounts falling due
after more than one year
11
**Net assets**
**Charity Funds:**
Unrestricted funds
12
Restricted funds
12
**Total funds**|**Unrestricted**
**Funds**
200,000
137,286
-|**Restricted**
**Funds**
591,953
228,448
-|**Total**
**2024**
791,953
365,734
-|**Total**
**2023**
843,116
201,558
2,500| |---|---|---|---|---| ||137,286
(1,550)|228,448
(25,000)|365,734
(26,550)|204,058
(21,500)| ||135,736
-|203,448
(688,400)|339,184
(688,400)|182,558
(598,000)| ||335,736
£|107,001
£|442,737
£|427,674| ||335,736
-|-
107,001|335,736
107,001|310,594
117,080| ||335,736
£|107,001
£|442,737
£|427,674| Approved by the board of Trustees on 19 November 2024 and signed on its behalf by: ALAN TOWER TRUSTEE & CHAIR ROBERT FELIX TRUSTEE The attached notes form part of these financial statements. Docusign Envelope ID: EF25593F-D1D6-4BC4-9FE1-41B00F4E6D54 Page 6. ## INTERNATIONAL STUDENT MISSION HOUSING TRUST ## NOTES TO THE FINANCIAL STATEMENTS - 31 MARCH 2024 ## 1 **Accounting policies** ## a) **Basis of preparation of financial statements** The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. International Student Mission Housing Trust constitutes a public benefit entity as defined by FRS 102. ## b) **Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. ## c) **Income** Donations and gifts are reflected in the financial statements in the period in which they are received. Income tax recoverable in respect of gift aid donations is brought into account in the same period as the relevant donation. Rental income is recognised on a receivable basis. For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. ## d) **Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure on charitable activities is expenditure incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those costs incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. All expenditure is inclusive of irrecoverable VAT. Docusign Envelope ID: EF25593F-D1D6-4BC4-9FE1-41B00F4E6D54 Page 7. NOTES TO THE FINANCIAL STATEMENTS - 31 MARCH 2024 ## INTERNATIONAL STUDENT MISSION HOUSING TRUST ## 1 **Accounting policies (continued)** - e) **Tangible fixed assets and depreciation** All assets costing more than £1,000 are capitalised. Tangible fixed assets are carried at cost or valuation, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives. Since the market value of leasehold and freehold properties are not expected to fall materially below net book value, no depreciation has been provided. ## e) **Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## e) **Cash at bank** Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## f) **Liabilities** Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. ## g) **Financial instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. The charity is funded by a number of loans from individuals that are interest free and whose repayment terms are flexible other than being not due for repayment within one year. Accordingly determining an accurate net present value of these loans at the balance sheet date, as required by the SORP, is considered by the trustees to be an impractical requirement. Instead it is considered that a more true and fair view is given in the financial statements by carrying the loans at the actual nominal value that will be payable when the loans are repaid and further disclosure of this fact is made in the notes. ## h) **Accounting estimates and areas of judgment** Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. Docusign Envelope ID: EF25593F-D1D6-4BC4-9FE1-41B00F4E6D54 Page 8. ## INTERNATIONAL STUDENT MISSION HOUSING TRUST ## NOTES TO THE FINANCIAL STATEMENTS - 31 MARCH 2024 (Continued) ## 2 **Donations and legacies** |**Donations and legacies**||||| |---|---|---|---|---| |**Note**
**Income from donations and legacies**
Donations and gifts
Gifs in kind
3
**Total donations and legacies**|**Unrestricted**
**Funds**
-
-|**Restricted**
**Funds**
-
-|**Total**
**2024**
-
-|**Total**
**2023**
2,500
-| ||-
£|-
£|-
£|2,500| In the comparative period £2,500 was unrestricted. ## 3 **Gifts in kind** The property donated in 2018 was valued at the estimated market value at the time the gift was made. ## 4 **Expenditure on charitable activities** |**Expenditure on charitable activities**
Legal and professional costs
Insurance, council tax and sundry property costs
Independent examination
**Total expenditure**|**Unrestricted**
**Funds**
1,387
9,383
1,550|**Restricted**
**Funds**
-
-
-|**Total**
**2024**
1,387
9,383
1,550|**Total**
**2023**
-
5,544
1,540| |---|---|---|---|---| ||12,320
£|-
£|12,320
£|7,084| In the comparative period £7,084 was unrestricted expenditure. ## 5 **Trustees** No travel and subsistence expenses were paid to trustees to enable them to attend meetings and generally carry out their governance responsibilities (2023 : nil). No trustee received any remuneration or benefits. ## 6 **Analysis of staff costs** No staff were employed by the charity. |7
**Tangible fixed assets**
Cost
At 1 April 2023
Additions in the year
Disposals in the year
At 31 March 2024
Depreciation
At 1 April 2023 and 31 March 2024
Net book value
At 31 March 2024
Net book value
At 31 March 2023|**Leasehold**
**Property**
200,000
-|**Freehold**
**Property**
643,116
(51,163)|**Total**
843,116
(51,163)| |---|---|---|---| ||200,000
-|591,953
-|791,953
-| ||200,000
£|591,953
£|791,953
£| ||200,000|643,116|843,116| Leasehold property relates to a donated property. Docusign Envelope ID: EF25593F-D1D6-4BC4-9FE1-41B00F4E6D54 Page 9. ## INTERNATIONAL STUDENT MISSION HOUSING TRUST ## NOTES TO THE FINANCIAL STATEMENTS - 31 MARCH 2024 (Continued) |8
**Cash at bank and in hand**
Cash at bank and in hand
9
**Debtors**
Other debtors
10 **Creditors: amounts falling due within one year**
Accruals
Loans
11 **Creditors: amounts falling due after more than one year**
Loans|**2024**
365,737|**2023**
201,558| |---|---|---| ||365,737
£|201,558| ||-|2,500| ||-
£|2,500| ||1,550
25,000|1,500
20,000| ||26,550
£|21,500| ||688,400|598,000| ||688,400
£|598,000| The charity owes money in respect of 17 (2023 : 17) loans provided to it. All loans are unsecured and bear no interest. They are repayble at maturity or on the sale of a property. Due to the fact that we cannot predict with any certainty when the capital will be repaid it is not possible to determine an appropriate net present value. Accordingly it is considered that the loans should be carried at the amounts received by the charity net of any repayments already made. ## 12 **Statement of funds** Details of material funds held and movements during the current reporting period |**Unrestricted funds**
General fund
**Restricted funds**
Cambridge property
Canterbury property
**Total funds**|Fund
balances
brought
forward
310,594
107,001
10,079|Income
19,697
-
7,686|Expenditure
12,320
-
-|Transfers
17,765
-
(17,765)|Fund
balances
carried
forward
335,736
107,001
-| |---|---|---|---|---|---| ||427,674
£|27,383
£|12,320
£|-
£|442,737
£| The Cambridge property fund is available to repay loans received in relation to the acquisition of the property. With the sale of the Canterbury property during the year, the balance remaining on this fund has been transferred to the general fund as this is consistent with the understanding that any profits realised upon the sale of any property are to be made available to be utilised for the benefit of the charity. ## 13 **Analysis of net assets between funds** |Tangible fixed assets
Current assets
Creditors due within one year
Creditors due after more than one year|**Unrestricted**
**Funds**
200,000
137,286
(1,550)
-|**Restricted**
**Funds**
591,953
228,448
(25,000)
(688,400)|**Total**
**2024**
791,953
365,734
(25,000)
(688,400)| |---|---|---|---| ||335,736
£|107,001
£|442,737
£| Docusign Envelope ID: EF25593F-D1D6-4BC4-9FE1-41B00F4E6D54 Page 10. ## **Independent Examiner's Report to the Trustees of International Student Mission Housing Trust** I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024. ## **Responsibilities and basis of report** As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ## Richard Hill FCA GRIFFIN STONE MOSCROP & CO 21-27 Lamb’s Conduit Street, CHARTERED ACCOUNTANTS London, WC1N 3GS Date: ~~20/11/2024~~